Fullerton quadplex: a turnkey four-unit for a growing portfolio

When a returning client came back to us for their second multifamily purchase, the goal was clear: add a stabilized, low-maintenance asset to a growing portfolio, not take on another project. We focused the search on Fullerton, one of the strongest small-multifamily rental markets in Southern California, where demand from Cal State Fullerton and the downtown core keeps quality units full.

225 W Knepp Avenue fit the brief exactly — a 1958 four-unit made up of spacious two-bed, one-bath layouts totaling 3,752 square feet on a 6,392-square-foot lot, freshly renovated inside and out with new kitchens, appliances, flooring, windows, bathrooms, garage doors, and landscaping. With the heavy lifting already done, our clients could step into steady income from day one.

We negotiated from an original list price of $1,485,000 down to a $1,430,000 close — a 4.41% cap rate on $63,541 of net operating income — with financing structured as cash to a new loan. Minutes from campus and downtown, the building offers a deep, durable renter pool and a clear runway for rent growth as leases turn.

For an investor building toward scale, Knepp Avenue was exactly the right kind of acquisition: turnkey, well-located, and cash-flowing from the day it closed. Two years later we guided the same client through the exit and the move up. (See how it played out in the 2023 sale and 1031 exchange and the Santa Ana six-unit they moved into.)